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This chapter begins with an examination of why the commercialization of agriculture and the integration of the Indian economy into the world economy did not lead to a greater spurt in the development of cash crop agriculture and exports in India as compared with other colonial tropical countries. It then considers the record of Indian industry under the Raj. It discusses the damage done by the policy of protection — from the 1920s onwards — to the prospects of growth of Indian manufactured exports, and the exchange rate policy followed by the Raj.

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2018. All Rights Reserved. Under the terms of the licence agreement, an individual user may print out a PDF of a single chapter of a monograph in OSO for personal use (for details see www.oxfordscholarship.com/page/privacy-policy).date: 19 December 2018